BSE: 509073
HATHWAY BHAWANI CABLETEL & DAT
Distributes cable television services in Thane, Maharashtra, primarily through its wholly owned subsidiary Bhawani NDS Network Limited, which became wholly owned in Q4 FY26 after the parent bought the remaining 49% stake for Rs 15,190. The entity sits within the Hathway group, with Hathway Cable and Datacom Limited as its holding company. Quarterly revenue from operations is small — Rs 58.02 lakh in Q3 FY26 and Rs 57.74 lakh in Q1 FY27 — with nine-month FY26 revenue at Rs 178.79 lakh. The cost stack is dominated by other operating expenses at 78.3% of revenue, followed by employee costs at 16.8% and depreciation at 7.5%, and recent small profits have come from expense cuts rather than topline growth. A pending contingent matter is a Rs 4,130.38 lakh demand from the Department of Telecommunications for FY05–FY15 license fees, which the company is contesting, while other equity is negative at Rs -647.01 lakh on a consolidated basis. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cable TV distribution. Small, sub-scale cable TV distribution with negative consolidated other equity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 3 | 3 | 3 | 2 |
| EBITDA (ex other income) | 1 | 0 | 0 | 0 | 0 |
| margin % | 28.7 | 14.2 | 6.4 | 1.6 | 4.9 |
| Owners' profit | 0 | 0 | 0 | 0 | (0) |
| EPS, as reported (₹) | 0.98 | 0.21 | (0.05) | 0.05 | (0.21) |
| ROE % · ROCE % | 49.4 · 57.3 | 9.5 · 17.6 | (2.5) · 2.2 | 2.4 · 3.6 | (10.4) · (1.6) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | 0 | 0 | (0) | 0 |
| Capex | (0) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | (0) | (0) | (0) | 0 | 0 | (0) | 0 | (0) |
| Net profit | (0) | (0) | (0) | 0 | (0) | (0) | 0 | (0) |
| EPS (₹) | (0.11) | (0.07) | (0.05) | 0.29 | 0.01 | 0.02 | 0.04 | (0.22) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN TV NETWORK LIMITED | 24,630 | 16.1 | 1.95 | 9.0 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD | 6,274 | 17.9 | 0.53 | 10.6 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM | 1,630 | 21.9 | 0.36 | 3.8 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,159 | 7.8 | 0.30 | 3.8 | 4.3 | 5.4 | (5.7) | 28.0 |
| NDTV LTD | 711 | — | 5.50 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| TV TODAY NETWORK LTD | 619 | 35.9 | 0.69 | 9.8 | 1.6 | 3.3 | 0.6 | 10.8 |
| GTPL HATHWAY LIMITED | 609 | 80.8 | 0.48 | 1.9 | 1.0 | 1.0 | 8.6 | 10.8 |
| ZEE MEDIA CORPORATION LTD | 454 | — | 2.03 | 3.9 | 0.9 | (1.8) | 3.2 | 9.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 5.5 | 0.6 | 13 of 14 | 8% |
| ROCE | (1.6) | 2.3 | 13 of 15 | 14% |
| ROE | (10.4) | 1.3 | 13 of 14 | 8% |
| Debt / Equity | 0.0 | 0.0 | 1 of 14 | 69% |
| EBITDA margin | 3.6 | 9.4 | 12 of 17 | 31% |
| Revenue growth | (22.8) | 4.5 | 12 of 16 | 27% |
| Profit growth | (175.2) | (28.2) | 13 of 16 | 20% |
| Market cap | 9 | 334 | 16 of 17 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Hathway Bhawani Q2 FY27: revenue dips, net loss widens; DOT demand persists | results | high | — | — |
| 9 Oct 2026 · Q2 FY26: standalone loss widens to Rs 5.75L; revenue down about 9% YoY | results | high | — | — |
| 7 Oct 2026 · Compliance certificate: no demat requests in Jul-Sep 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Board meeting on Oct 9 to consider Q2 FY27 unaudited results | results | low | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results Period | compliance | minimal | — | — |
| 19 Aug 2026 · AGM results: All three resolutions passed with near-unanimous approval | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Hathway Bhawani appoints Deloitte as statutory auditor for 5 years | management changes | high | — | — |
| 19 Aug 2026 · 42nd AGM held on Aug 19, 2026; all resolutions passed | board shareholder meetings | medium | — | — |
| 25 Jul 2026 · 42nd AGM notice published in newspapers; e-voting details | compliance | minimal | — | — |
| 24 Jul 2026 · Notice of 42nd AGM on August 19, 2026 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.